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traderjosefina
Level 3

Will lost Airbnb rental income due to COVID19 cancellations be deductible in 2021 ?

In 2020 many property owners will be losing expected rental income.

 

Do any qualified tax professionals know the answer to these questions? Thanks

 

1) Airbnb hosts had to let guests cancel reservations in March, April and perhaps beyond in 2020 - income that we counted on. Will the anticipated receipts for the cancelled stays be deductible?

 

2) Will rental property owners whose tenants weren't able to pay their rent in April or beyond be able to deduct those losses of income?

 

Thanks!

2 Replies
VictoriaD75
Employee Tax Expert

Will lost Airbnb rental income due to COVID19 cancellations be deductible in 2021 ?

New information related to the COVID-19 economic stimulus is still being continuously updated. Here are some resources for your reference:

 

Coronavirus Tax Update

 

What do I need to know about the coronavirus stimulus package?

 

IRS Economic impact payments: What you need to know

 

IRS Coronavirus Relief

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NCperson
Level 15

Will lost Airbnb rental income due to COVID19 cancellations be deductible in 2021 ?

both questions are really asking if the loss of anticipated revenue is tax deductible.  

 

answer: no. 

 

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